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. >> in europe, google faces anti-competition measures. >>> in the united states, ben bernanke gets ready to outline an exit strategy to a skeptical congress. >> a warm welcome to "worldwide exchange." i'm chloe cho in asia. it's just past 5:00 p.m. in singapore. let's check on where the asian markets are wrapping up the trading day. mostly weaker today on the back of weaker consumer confidence numbers. and toyota lows taking the nikkei lower by 1.5%. the hang seng off 0.75%. on the other hand, we have the shanghai composite erasing all of its earlier losses, pushing higher by 1.3%. a lot of speculation in small cap stops and what may be linked to the national people's congress set to kick off next friday. other markets are weaker, the kospi down 1%. the bombay sensex has been trading around the front line. the aussie market asterisk comes off the table, a lot of commodities and resources lower. the s&p/asx 200 down .5%. let's check on the ftse cnbc global 300. slightly off 0.4% at 4,315. good morning, becky. >> good morning. it's about 10:00 on the continent. european markets have been t
. >> in the united states, the spotlight shines today, ben bernanke is back on the hill and president obama's high profile health care summit. >> hello there. a warm welcome to "worldwide exchange." it's chloe cho in asia where it's just past 5:00 p.m. in singapore. a similar scene that we saw as yesterday, of course, investors picking up on bernanke's comments. going forward, could be weak. of course, we had some weak housing numbers, as well, along with disappointing consumer confidence this week. take a look at the damage report. the yen is not helping. nor are the toyota woes. the hang seng, slightly off the shanghai composite. we did have the auction yield on three-month bills along with one-year bills earlier this week that left those yields unchanged. a lot of investors seem to be thinking that perhaps this could be a sign the pboc is taking it easy as far as tightening is concerned. as for the other markets, the kospi down 1.6%. the bombay sensex is pretty much right along the flat line and the aussie market lower by 1.2%, back below that key 4,600 level and take a look at the ftse cnbc gl
with thousands of flights grounded as we speak. >>> fed chairman, ben bernanke laying the groundwork on the central bank's exit strategy for the economic rescue efforts. we've got details of what mr. bernanke said today coming up. >>> but first here's a look at how we finished the day on wall street. the dow jones industrial average under water today. down 21 points on the dow at 10038. under a billion shares traded here on the nyse, as people stayed home, instead of embracing the heavy travel and heavy snow. s&p 500 down 2.5%. quarter of a percent lower at 106 and the nasdaq composite gave up three points and technology one of the winners on the session as was financial services. we get all of the action right now from bertha coombs our floor on the nyse. >> reporter: hey, maria, all things considered it's not a very bad day on the close, even though we closed to the downside. the real factors that kept people hessittant today, the snow of course. that kept volumes lower, but also the uncertainty about where we're headed with greece. this morning, as you take a look at the intraday
. >>> ben bernanke, coming to capitol hill. the central bank chief is ready for tough questions from lawmakers about the economy, interest rates and the fed's exit strategy. and president obama reaching out to business leaders, hosting a white house dinner for some high profile ceos. today, he addresses a business round table. those stories and more as "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box." i'm becky quick along with joe kernen and carl quintanilla. we've been watching the markets this morning. after a down day yesterday, you'll see we're not getting any bounceback just yet. after yesterday's markets, obviously, you've got a lot of watchers waiting to figure out what happens. >> yeah. that consumer confidence number was troubling. >> it was. >> people now thil thinking maybe the sample was bad because i was worse than a lot of people expected at this stage of the game. we've got jobless claims high. we'll talk a lot about that this morning. but toyota's troubles are in the spotlight again today as the company's ceo appears on capitol hill
, will they or won't they? the bailout chatter for greece intensifies. >> and here in the united states, ben bernanke will set out the fed's exit plan today but will likely make jobs clear, we'll still be in the car for some time to come. >> and welcome to "worldwide exchange." i'm christine tan in singapore where it's 5:00 p.m. in the city. let's get a view of where the asian markets have closed today. a lot of hopes pengd on the european union. they might come up with a plan to bail out greece. the nikkei 225 is up marginally. toyota continues to be focused. that stock climbing despite anal announcement that it's recalling another set of cars. the shanghai market up more than 1%. a lot of positive comments out in the country about strong import data and export data and that's helping to lift sentiment in china. the kos pit is moving up flat. people and investors are staying on the sidelines. the bombay sensex is trading down 0.5% and the aussie market is pretty much flat, up 0.2%. the ftse cnbc global 300 up 8 points, 4,243. ross, good to see you. >> hey, christine. we're very much focused on the w
, as well, and nursing losses from the federal reserve chief ben bernanke. we've got all the details. christine, we're waiting for the timing. >> that's right. let's see the properties expect of a package for gooes, is it having any impact on the euro right now? euro/dollar, 1.3763. euro is higher against sterling, 0.8841. euro/dollar 1.3763. dollar/yen, standing at 90 evening. a lot of eyes on what will happen with the package. nicole. >> the snowstorm may gone in the i'd, but it's reeking havoc in the east coast, especially in washington. government offices are closed for a fourth straight day at the estimated cost of $100 million in lost productivity. the senate will be back in session this afternoon, but no votes are scheduled. the weekly u.s. inventory data which normally comes out on wednesday has been postponed again until friday. january retail sales in december business inventories which were supposed to come out today have moved to friday. we still get weekly jobless claims at 8:30 new york time and they're forecast to drop by 12,000 to a total of had 68,000. >>> pepsi corp
by a blueprint coming out from bernanke this week on a plan for credit tightening? >> now, you know, this is the usual thing, nicole, bernanke will come out and he'll have to be careful what he says. he has been saying we'll have an exit policy but not yet. exit policy means look at my finger. higher interest rates. it's like saying the market correctors. was it wrong before? the exit policy is when we're going to see higher interest rates in the united states and of course the markets right now don't want to hear about that. bernanke is saying when the time is appropriate will include interest rates because the markets will want to know when is the appropriate time. can you spell out what's going to happen? the problem is guess what? we're having low unemployment so what if we have low unemployment the month after that? will that be the appropriate signal? >> there we go. andrew freris to stay with us. we'll get you some headlines making news right now. meanwhile, around the world, in the united states, the head of the world's largest bond fund says 2010 will be a year of sovereign
, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
't paying attention. my lead of the bernanke speech was discount rate to be hiked. my lead on the minutes was -- >> it sounds like -- >> let me finish, melissa, just be clear, my sources are telling me in the wake of this that the concept there's another bit to come is not necessarily true. they may stop here. so the idea that somehow they're just beginning this process of going back to 100 over on the fed funds is not true. it's out there in a lot of stuff. they may stop here. >> rich bernstein -- >> i want to ask both of you. do you think fed funds december 31, 2010 will be higher than they are today? >> well, let me answer that question and put it back to you. the typical forecast, is that the unemployment rate will be 9.5% or higher. also, that the inflation rate over the last year will be 1 to 1.25%. i have to ask you if you think at that point the fed would begin to tighten? you tell me. >> first of all, i think the bond market will -- i don't think the bond market looks at core. i hate to argue with on you this one, but if we find the inflation rate starts breaking 3, 3.5, we break
, you have three big concerns. bernanke's confirmation, slowing china growth and obama slapping the banks around in the aftermath of the massachusetts miracle. i think investors have really focused upon those things and have used those skuexcuses to t profit. >> you don't seem to think things are over. we're due for a pullback and maybe the bull market continues? >> you look at fourth quarter earnings right now and i guess we're about halfway through the season. two-thirds of the company have beaten on revenues. you have consensus earnings for s&p that have now moved up to $76 a share. that puts multiple of a 14 times forward earnings. you have core inflation below 2% year over year. 3.6% treasury yield. multiples are too low. you'll see more corporate earnings improvements and stocks will go higher. >> massachusetts miracle? massachusetts disaster maybe. massachusetts tragedy maybe. >> depends on your point of view. >> i guess it does. i want to get that other side in. >> why are you looking at me? phil is the guest. >> i'm sorry. >> jay, what do you think of that scenario? thi
was widely expected. ben bernanke came out last week saying a hike was coming, but many economists thought that the fed would at least wait until the next policy meeting next month. and in its statement, the fed says that the economic outlook does remain the same, reiterating that the benchmark rate will sustain for a period and that was echoed by the atlanta fed president, st. louis fed president and fed funds futures are pricing in a 25% chance of a rate hike by the end of the year. checking shares of u.s. bank in frankfurt, down across the board with citi lower, 1.4%. morgan stanley down 2.7%. ross. >> yeah. meanwhile, nicole, european stock markets ahead of the u.s. open, they've short of taken it mostly in their stride. we've had a sunny bit of green on the board this morning. we've dipped down slightly, off about .25% for the ftse 100. a little more for the german and french markets. smi, as we heard earlier, really good numbers from nestle, talking about growth in asia, so doing all the sort of things that james bev aan next to me likes. and the dollar has come off the highs on the
me, i'm chaled. >> and what are you expecting to hear from bernanke on capitol hill tomorrow? you say restraint is needed. why and when? >> well, you know, the reason i think that restraint is needed is because i think that he may be getting a little bit behind the curve. the reason i say that is a lot of the so-called leading indicators of inflation, my work, suggested inflation in 2010 is going to be higher than the consensus expectation. so the consensus expects inflation to be around 2%. i think it could be over 3% in 2010. and i think bernanke needs to start move towards restraint, in other words, start to move towards some of the excess liquidity driving this inflation. so i think sooner as opposed to later. i actually think that if he starts to move towards restraint wibt might lead to an increase in bank lending, which is sorely acting. but nevertheless, i think he needs to move towards restraint sooner than the consensus believes, not later. >> that's what i wanted to ask you about. we're getting comments in from the fed's bill dudley who says small banks are fuelling the pre
. and with dr. bernanke scheduled to speak tomorrow, our sense is that that trade will be relatively quiet here. a high volume area last week was around 1064 even. we'll probably bing bong back and forth on that trade waiting for dr. bernanke or for further developments in europe. >> what's your view, jamie, about today's trade and whether you believe in the bounce we are likely to get, at least at the open? >> well, i think the most encouraging part is that this rally is coming from european financials. you can see all those works up markedly on yesterday's trade. domestically, local ibs have been overwhelmed by this european crisis. unemployment was a great number on friday. it exceeded expectations. earnings continue to be strong. we seem to have been weighed down by euro. if that turn around and those financials continue to hold these gains, it could be very good things domestically. >> jamie, most of the guys you trade with trade according to technical analysis charts and yada yada. let me run this by you. the day before yesterday, which was a monday, right? yeah. did monday look like a sh
for ben bernanke and the federal reserve, that there is a very substantial penalty for early withdrawal. we're seeing china and india tighten, now europe withdrawing its liquidity facilities. the u.s. would do well to mind this lesson. if we start to syphon off some of the liquidity, there really could be hell to pay. what we're seeing, when you mention gold, the deflation trade is being put back on. the dollar is going up, gold is going down, oil is collapsing, commodities across the board have been very weak. equity markets are falling all at the same time while domestic rates drop. for anybody worried about inflation in united states, the dollar is going up, u.s. rates are going down and the u.s. on a relative basis is still the safest market in the world no matter what anybody sayless. but there is a danger if the fed doesn't heed the lessons of what's going on elsewhere in the worldtion we, too, could face some of the problems like europe, although our banks are in better shape than yours. >> which is why, rick santelli, the china trade, you want to buy anything that need, we saw t
strategies tomorrow, another camp, which we think chairman bernanke is in and made clear last week in his testimony before congress, which is we'll start to sell assets and we'll start to do these other things, but after we hike. and then there's a middle camp that says we would love to get rid of some of the assets on our balance sheet but we're not going to do that until we're shoe the economy is in full swing, and we're not going to destroy things. they don't want to make a policy mistake. they still think the economy is fragile enough they don't want to push us back into a recession. >> thanks so much for stepping in and talking to us about this. we appreciate it soon. stay with us back in a moment with more. , seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i press for a massage? hello? new chase sapphire... you call. we answer. no waiting. just press right
chairman bernanke's confirmation was in doubt. all of a sudden they dialed it back. this budget is part of that dialing back. >> let's talk about that, andrew. the financial responsibility fee, better known as the bank tax, is in the budget. what kind of details are in it? because jaret says the language has been pared down quite a bit. >> people were selling into any financial strength across the board. you have volcker testifying tomorrow. although jaret brings up good points, the reality of this is that the risk is not in the budget. the risk is with the next announcement from volcker. or the treasury department and bank of america signing on to this second lien modification program which they did last week. that's where the real worry of wall street is. and you saw energy hold up today. you saw health care sell off for about an hour after the budget came out. and then it recovered to about flat as i was leaving the office. but across the board today, long and short, i mean, we were seeing sellers of financial stocks into strength. >> what about, andrew, when you look at the other ta
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
. bernanke. -- thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] ♪ >> we have quite a lineup on this isle. only a couple on the other. we need a few more folks down here. we've already had to pull some day -- a fulsome day. let's proceed to our question and answer session. we have three other excellent speakers, so a lot to look forward to. i want the banking for coming and your excellent attention. this is our fifth symposium and they seem to get better every year, if that is indeed possible. thank you all for making this such a productive in event. all right, we will begin with our question and answer is, and because there are more of you then of view, we're going to start on this side. >> this is a question for mr. kantor. and cultural prophets redeem themselves with accurate insights? >> i am not sure that i understand the question. >> you are talking about cultural prophesied and you believe that they cannot predict accurately. but can the kid rick -- redeem themselves? >> i am not sure what you mean by t
that of course was going to burst, and this is why i get mad at people like alan greenspan and ben bernanke and most economists because god knows what on earth was going through their heads in the year 2003 to those of four cardinals five, 2006, to dozens of as the bubble could growing and growing and the savitt is okay and now they are surprised who could have known that is the joke we have or not washington they run around saying who could have known? anyone doing their job should have known. >> host: amity shlaes, anything you want to address? >> guest: i think it's important of the interplay and the war and domestic policy because when you have -- it's true the government can't think about two things at once. it can't walk and chew gum at the same time and when you have a distraction whether you believe it's something we should invest in, afghanistan, iraq or not the government doesn't think well what is going on at home so if he would have called on our various leaders at the fed or the white house over time under -- in this purpose it would be under president bush postsecondary 11th h
:00. >> thank you and welcome chairman bernanke. Ñi i'm interested in the suggestion made recently about curtailing some of the investment banking risks they are taking. he brings up an important subject and touches on it. it's bigger than what he has addressed. when we repealed against ñrthis i also believe there's been a moral has order caused by a fra decision of a line of credit given to freddie mac. the concept still persists that it is too big to fail. nobody is going to walk away. there's this dpar untea that the government will be there to bail out anybody that looks like is going to shake it up. it doesn't matter the bad debt and burden on the american taxpayer. it is still there. creating a tremendous moral hazard. the real problem over the decades has been the perception put into the markets pretending there is a saveings ore actually capital out there. this is the moral hazard because they believe something that is not true. we see the disintegration of the system we have already created. we have already been in a final crisis. we are going to see this get worse and have to
for the u.s. in 2 1/2 years at around 0.5%. and looking at what bernanke said this week, gave us a laundry list of ways to exit the strategy, basically, and he basically talked about, you know, the possibility of increasing interests on bank reserves. and while in basically contrast, the ecb is not going to do the exit strategy. it's going to stay in and maybe in too deep right now as it may need to provide some liquidity out of what happened from greece. so that will definitely give the yield luster for the u.s. dollar. >> so what target would you put on euro/dollar? >> still looking at 1.32% before the end of the quarter. any bounce, really, is going to be more of the corrective bounce, not more than 1.3950. >> i was wondering, what do you see the likelihood of a new and increased quantitative easing effort by the ecb, either in a direct like we've seen in the u.s. or uk and a continuation of the currency? >> look, even though they said they are not going to provide renewed 12-month loan facility, the ecb, this institution that has been seen as one of the first institutions to get out of
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together with bernanke's exit speech, you put that together and people say, wait a second, maybe the tight is turning. and being on top of the timing of when the fed starts to tighten or when the rhetoric changes, because when the rhetoric changes, that's when rates will change. and if there weren't enough international news, the european central bank plans to join forces of the european commission to monitor the situation in greece. ecb president jean-claude trichet says the two will draw up necessary measures to maintain stability in the euro zone. european officials offered support for debt-laden greece at a summit yesterday. we don't know what's in the plan. it's some sort of support. >> i don't know what the plan is. except everybody is happy they're in a plan. >> they're in something. they've expressed support. >> monday, the finance ministers meet again. this may be a situation where you see more of the details that start to emerge. what's it call, the european -- the meeting on monday. >> what worries me is that the plan itself will be so underwell manying that people will say, is
bernanke is in, senator. >> yes, he is. >> that's all right with you, though. you're going to be okay, right? >> i'm going to be okay. i offer my congratulations. but i think it does accepted a message to be confirmed by the lowest margin in history, sends a message about the concern about the role he played and the build-up to the crisis. >> yeah, but senator, you were ready to take the other side, knowing he would get confirmed, and your constituents can still say, well, at least this senator took the populus side. took the. >> i took the position as the only democrat taking that position after a careful review of the things he stood for, alignment with greenspan, failure to resfond derivatives. the failure on consumer protection, the things you are talking about in terms of prepayment penalties and liar loans and so i think he failed on many fronts but he is there now and i hope he does a great job on monetary policy and gets consumer protection in an agency that will care about it. >> senator, thanks. you have to keep coming back. >> thank you. >> oregon, oregon. i know how to say
. on the currency's i would only say that, ay that, as you know,n bernanke and tim geithner are saying in the interest of the united states. the other major currencies. i say myself i fully agree it is in the interest of the united states. i would also say that it corresponds to the overall superior interests of the group the so what this say. i would also said that as a major floating currencies we have members of other currencies that could themselves have a progressive and orderly and timely appreciation. that is the way i see the running of the present situation. we could imagine other solutions, of course. they said to have a floating major currencies. >> other questions? yes, sir. in the front row. >> every country has its own problems and its own solutions. how do you see? what would be the challenge is to iraq ? thank you. >> peter. >> well, it is a good point. i wish i was more confident that it would succeed. it is very important to succeed. it is very important we continue to progress, but i am not expecting is to suddenly become easy. even the process of trying to make it h
might not remember this because we probably didn't keep track of everything that paulson and bernanke and george bush did, but lehman falls on september 15. then what we have on september 23, the chairman of the federal reserve and the secretary of treasury come into congress and they testify that they need $700 billion. they have a 2 1/2-page bill. they don't know what they're going to do with the money. but if you don't give it to them, it's world is going to end. that makes you uncomfortable if you're deciding what to do with your investment. not only that, but the next day, the president of the united states comes on national television and says the following, speaking to the american people to get them calmed down a little bit. he said financial assets related to home mortgages have lost value during the housing decline and the banks holding these assets have restricted credit. as a result, our entire economy is in danger. so i propose that the federal government reduce the risk posed by these trouble assets and supply urgently needed money so banks and other financial institutio
, as you know, ben bernanke and tim geithner are saying a strong dollar is in the interests of the united states, in relation to the other major floating currencies. i say myself, on my part, i fully agree. a strong dollar is in the interests of the united states. i would also say that it corresponds to the overall superiority interest of the global economy as a whole, and certainly of the interest of europe. i echo what they say. i would also say that, as major floating currencies, we have the sentiment that a number of other currencies that are not floating could themselves have a progressive and orderly and timely appreciation. that is the way i see the running of the present situation. in the very long run, we could imagine other solutions, but at the present moment we are running a set of free floating major currencies, and there you have the terms of reference that we agree upon. >> another question? yes, sir. in the front row. >> while every country has its own problems and is thinking of its own solution, how do you see the doha round will succeed? if it would not, what would be t
Search Results 0 to 26 of about 27